The study showed a 15% reduction in real estate ads compared to May, as well as the percentage of car ads by 35% in the same month compared to March.
Furthermore, the number of real estate advertisers decreased in May by 10% approximately, and the number of buyers by approximately 27%. Meanwhile, the demand rate for real estate has increased by 2%, which is less than the usual percentage of demand comparably to the same period of each year.
The study added that the reduction of ads was due to the drastic hike in property prices, in both primary and secondary markets, in addition to stagnancy in the buying and selling process until prices stabilize.
The situation is the same when it comes to the automotive sector. The demand rate on cars reduced by 11% in addition to a reduction in both buyers and advertisers numbers by roughly 35% during May compared to March 2022.
OLX’s report confirmed that the global economic situation has affected the local economy in all countries, therefore the purchasing power and decision-making process, especially in these two main sectors, namely real estate and automotive.
About OLX
OLX strengthens local economies, empowers businesses and helps people make the smarter choice, for themselves and the environment. OLX is completely free, and allows people to buy and sell goods and services online every day, giving items second chances through 12 different categories.
OLX operates under the leading Emerging Markets Property Group (EMPG), which is present in 16 countries and is run by 4,600+ empowered employees. EMPG makes the exchange of goods easy and convenient for over 180 million people through leading marketplaces including OLX, Dubizzle, Bayut, Zameen Mubawab, bproperty, Lamudi, and Kaidee.
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